UNECE countries discuss Energy Investment Risk Assessment

16 November 2018
| EIRA
| News
| Investment

During the Ninth International Forum on Energy for Sustainable Development, taking place in Kiev 12-15 November 2018, the Energy Charter Secretariat presented the first public edition its new flagship publication, the Energy Investment Risk Assessment (EIRA 2018). During the following discussion panel Mr Artashes Kirakosyan, Acting General Secretary of the Ministry of Energy Infrastructures and Natural Resources of Armenia, stated: “There are no political barriers, but political opportunities for the improvement of investors’ confidence and EIRA is an excellent tool to identify such opportunities.”

Prof Martha Roggenkamp, Professor of Energy Law at the University of Groningen, added during her intervention that: “The most important aspects of EIRA are transparency and the regulatory framework. There is a significant opportunity for EIRA for strengthening the role of these two indicators. EIRA helps to make smart regulatory choices in times of energy transition.” Mr Bekbergen Kerey, Deputy Director for International Cooperation and Economic Integration, Ministry of Energy of the Republic of Kazakhstan, said: “Promotion of competition in the energy market is one of the most important elements for achieving cost-effective solutions.” Mr Mykola Kolisnyk, Head of International Coordination, Ministry of Energy and Coal Industry of Ukraine, explained that: “EIRA is an living instrument that can address new challenges and evolve with technological improvements and energy market developments. This is important in the existing fast-changing environment.” Mr Mirjel Dollani, Advisor to the Minister, Ministry of Infrastructure and Energy of Albania, concluded that: “EIRA is a new tool to reduce the gap between the existing level of investments and investments needed to meet SDGs and country specific long-term energy targets.” Albania, Armenia, Kazakhstan and Ukraine all took part in EIRA 2018 and each confirmed participation in EIRA 2019.

Energy Charter Secretary-General Dr Urban Rusnák emphasized the importance of assessing investment risk from a policy, legal and regulatory perspective, especially in relation to energy transition: “Countries need to develop effective strategies to ensure investors’ confidence is established and retained over time. EIRA 2018 contains already 30 country profiles. The intention is to grow the publication and track in-country progress over time.” David Kramer, Head of Unit for Investment at the Secretariat, explained that the methodological fundamentals behind the EIRA publication, described how it adds to the existing literature and invited all UNECE countries to participate in EIRA 2019: “The signals are there that investment in the energy sector is lagging behind. We need to step-up our global efforts and create a conducive environment for investment, if we want to attain a sustainable energy economy. The world deserves the right investments.”